The present invention relates to a system and method for computing the value of real estate.
It is often necessary to determine the value of property, particularly in real estate sales, mortgage transactions and other transactions relying on the current fair market value of property. A common method for determining the value of property is the comparative marketing analysis (CMA). However, CMA has some deficiencies. It involves "guess work" on the part of the appraiser and, therefore, often lacks accuracy.
Banks, appraisers and investors in the secondary market that buy mortgages need accurate fair market value information of property. Moreover, a standard in the property appraising industry would be helpful for spotting "bad" appraisals.